Indian shares rise as US inflation data cools rate hike fears

BENGALURU (Reuters) - Indian shares rose over 1% on Friday, boosted by information technology companies and banks as cooling U.S. inflation fuelled hopes that aggressive Federal Reserve rate stance might begin to ease.

The NSE Nifty 50 index rose 1.3% to 18,269 as of 0351 GMT, while the S&P BSE Sensex added 1.4% to 61,453.18.

All three major U.S. stock indexes notched their biggest one-day percentage gains in about two-and-a-half years in a broad, robust rally as the Labor Department's data showed the annual consumer price index number below 8% for the first time in eight months. [.N]

India will report its October inflation number next week.

In domestic earnings, Nifty component Mahindra and Mahindra, top insurer Life Insurance Corporation of India

, battery maker Exide Industries, engineering company Bharat Heavy Electricals will be among the scores of companies reporting quarterly numbers.

The Nifty IT index surged 3.2%, while the bank index gained 1.3%.

Shares of Zomato jumped 10% after the Indian food delivery firm on Thursday reported a narrower loss for the second quarter.

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Dhanya Ann Thoppil)